- The best antidotes that I’m aware of for genAI all start with education. How can regulators work with industry to become aware? What does an AI-aware regulator look like? What responsibility does a regulator have to become AI-aware? On what timeline?
- How can the industry use AI responsibly if no one defines what responsible use in mortgage actually is? Frameworks are fine, but frameworks are not specific enough to be especially useful, the devil is in the details – who will provide the details?
- If no one provides the details and the industry figures it out as best it can, what are the consequences for industry if we “figure it out wrong”? If wrong is not defined up front, is it actually wrong?
This whole conversation is about weighing the benefits against the risks. Many of us are afraid of what bad things can happen. Regulators may feel a sense of personal responsibility to the homeowner, to the American taxpayer, and to the world in some cases. A responsibility to create a safer, more responsible mortgage industry. In 1995, the cost to originate a loan was $3,500, today it can be as much as $13,000. Is there not room in there for innovation? Safe innovation? Responsible innovation? I think there is. Let's partner as an industry to make it so.
